MODs focus was on monetising T3 and hoping to find a similar near surface open pittable deposit - what they were chasing at T23. They didn’t appear to want to get involved in expensive deep drilling for UG deposits (they parked A4 and A1).
Based on the drill results to date and what we have seen at Cupric Canyons zone 5 deposit is there is this high grade (>2% Cu) 10m or so thick blanket around the NPF contact across the whole belt which appears economic in places. MOD would never had have the cash to fully tease this out but Sandfire certainly do.
I’ve taken some capital off the table but I’ll likely continue to hold SFR as I rate their mgmt (and the ones from MOD that stayed on) and think they’ll have some success in the Kalahari.
